cabot microelectronics corp (CCMP) Key Developments
Cabot Microelectronics Corporation Appoints Geoffrey Wild as an Independent Director
Sep 1 15
Cabot Microelectronics Corporation announced the election of Geoffrey Wild to the Board of Directors. Mr. Wild, 59, served as the Chief Executive Officer of AZ Electronic Materials from January 2010 until April 2015, following its 2014 acquisition by Merck KgAa. Prior to that, Mr. Wild was president and Chief Executive Officer of Cascade Microtech Inc. He served as Chief Executive Officer of Nikon Precision Inc. Mr. Wild has been a member of the board of directors of Materion Inc. since 2011, and served as a director of Axcelis Technologies Inc. from 2006 to 2011. Mr. Wild will continue as director until the company’s annual meeting of stockholders to be held in 2017. He also was appointed a member of the Compensation Committee and Nominating and Corporate Governance Committee of the Board of Directors. The Corporation's Board of Directors has determined that Mr. Wild is an independent director as defined by relevant regulations.
Cabot Microelectronics Corporation Presents at 8th Annual Barrington Research Fall Conference 2015, Sep-01-2015
Aug 20 15
Cabot Microelectronics Corporation Presents at 8th Annual Barrington Research Fall Conference 2015, Sep-01-2015 . Venue: Four Seasons Hotel Chicago, 900 North Michigan Shops, 120 E Delaware Place, Chicago, IL 60611, United States.
Cabot Microelectronics Corporation Presents at Jefferies Semiconductors, Hardware & Communications Infrastructure Summit, Aug-26-2015
Aug 19 15
Cabot Microelectronics Corporation Presents at Jefferies Semiconductors, Hardware & Communications Infrastructure Summit, Aug-26-2015 . Venue: Ritz Carlton Hotel, Chicago, Illinois, United States.
Cabot Microelectronics Corporation Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended June 30, 2015; Revised Earnings Guidance for Fiscal 2015
Jul 30 15
Cabot Microelectronics Corporation reported unaudited consolidated earnings results for the third quarter and nine months ended June 30, 2015. For the quarter, total revenue was $97.2 million, 10.3% lower than $108.4 million for the same quarter last year. Operating income was $15.2 million against $18.5 million last year. Income before income taxes was $13.9 million against $17.5 million last year. Net income was $9.9 million against $13.3 million last year. Income available to common shareholders was $9.7 million against $13.1 million last year. The company recorded diluted earnings per share of $0.39 against $0.53 last year. The decrease in revenue reflects softness in demand within the global semiconductor industry, a departure from the traditional seasonal strengthening the company has historically experienced during the third fiscal quarter, and business loss of certain dielectrics slurries for mature, lower performance applications, all of which the company has previously discussed. Compared to the same quarter last year, revenue from the company’s CMP slurries for polishing tungsten increased; revenue from all other major product areas decreased. Foreign exchange effects reduced revenue by $2.0 million year-over-year, primarily due to the weaker Japanese yen versus the U.S. dollar. Cash flow from operations was $25.2 million. Net income decreased primarily due to lower revenue and a higher effective tax rate, partially offset by a higher gross profit margin, despite the material quality costs.
For the nine months, total revenue was $314 million against $308.3 million for the same period last year. Operating income was $57.2 million against $48.8 million last year. Income before income taxes was $54.7 million against $46.9 million last year. Net income was $43.6 million against $34.7 million last year. Income available to common shareholders was $43.2 million against $34.4 million last year. The company recorded diluted earnings per share of $1.75 against $1.39 last year. Revenue was 1.8% higher than last year, reflecting higher revenue from the company’s CMP slurries for polishing tungsten and other metals, CMP polishing pads and its Engineered Surface Finishes product area, partially offset by lower revenue from slurries for dielectrics and data storage applications. Year to date revenue includes a $4.5 million adverse impact associated with foreign exchange rate changes, primarily the weaker Japanese yen.
The company currently expects its gross profit margin for the full year of fiscal 2015 to be between 50% and 51% of revenue, including the material quality costs; previously, the company had indicated it expected to achieve the upper end of its prior guidance range of 48% to 50% of revenue. The company currently expects its effective tax rate for the fourth quarter and full fiscal year to be within the range of 20% to 22%. Previously, the company had estimated 16% to 18% for the full fiscal year.
Cabot Microelectronics Seeks Acquisitions
Jul 30 15
Cabot Microelectronics Corporation (NasdaqGS:CCMP) is seeking acquisitions. Cabot Microelectronics intends to identify and pursue attractive acquisitions in related areas.